BOR: Market Outlook: Indian markets are likely to have positive opening today following global cues.

Market Outlook: Indian markets are likely to have positive opening today following global cues. However, lack of any fresh triggers has been keeping equity benchmarks in a range. Overall trend is still intact but profit booking in upper regions is not ruled out’ and that is what we witnessed in the market. Nifty has supports at 5000-5050 and resistances are at 5180-5200.

Global Events to watch for today

• International Trade
• Jobless Claims

Global indices Update @ 8:

Dow Jones : 10567 (+02.95)

NASDAQ : 2358 (+18.27)

Nikkei 225 : 10658 (+94.24)

Hang seng : 21279 (+70.99)

SGX CNX Nifty : 5130 (+06.50)

INR / 1 USD : 45.41

On the global counter Wall Street ends higher led by financials, technology & Asian markets trading firm; Hang Seng, Nikkei up

Stocks in action for the day : SpiceJet, Jet Airways, SBI, Areva T&D India

DQE IPO gets robust response; The initial public offering (IPO) of Hyderabad-based gaming and animation firm DQ Entertainment (International) Ltd was subscribed 86.33 times, the best response so far for any public issue this year. HNI 272.90 times, QIB 93.87 times, RETAIL 19.45 times

SpiceJet to take on AI, Jet with international operations: Low-cost carrier SpiceJet will launch its international operations in June with flights to Kathmandu, Colombo and Dhaka, a move that could spark off a fare war in these lucrative sectors. The Delhi-based airline will take on full-service carriers Air India and Jet Airways along and the latter’s no-frills subsidiary JetLite that operates to these destinations. SpiceJet will complete five years of operations in May. As per rules, domestic carriers can fly overseas if it has completed five years of operations in the domestic market and have a fleet of at least 20 aircraft.

Texmo Pipes ends 55% higher on debut: Shares of Texmo Pipes witnessed a stellar listing Wednesday and ended 55% higher against its issue price of Rs 90 per share. PPL manufactures PVC and HDPE pipes, with a product range including suction & delivery hose pipes, rigid PVC pipes, elastomeric sealing ring fit PVC Pipe (Gasket Pipes), PVC casing & ribbed screen casing pipes, Soil Waste & Rain Water pipes, plumbing pipes, conduit pipes, caping casing strips, column pipes, HDPE plain pipes, sprinkler pipes, etc.

Jet grounds fund-raising plan on stake dilution worries: Jet Airways has decided to abandon its plans to raise $200 million (Rs 900 crore) by selling shares to foreign investors in the current fiscal after the company’s owner Naresh Goyal had second thoughts about a significant decline in his stake in the private airline.

SBI prefers rights issue to raise capital: The country's largest lender, State Bank of India, would prefer a rights issue to raise funds for business growth rather than diluting government holding. The government recently tabled the SBI Act Amendment Bill in the LokSabha with an aim to reduce state-holding in the bank to 51% from around 59% now.

Govt may clear Technoprom`s NTPC contract Russian Prime Minister Vladimir Putin`s India visit is likely to see some controversial Russian investments in India getting the green light in return for strategic nuclear and defence cooperation. Top officials in the government have told ET that the Indian government is likely to accede to the Russian government`s demand of allowing Russian equipment supplier Technoprom Exports to go ahead with the Rs 20.66 billion contract it had bagged from NTPC. Interestingly, both the power ministry and NTPC are in favour of revoking the contract given to Technoprom Exports because of allegations of pay-offs and a huge escalation in project costs.

Areva awarded switchyard contract of 1,000 Mw Energy transmission and distribution major Areva T&D India was today awarded a contract for construction of switchyard for Uttar Pradesh Rajya Vidyut Utpadan Nigam`s 1,000 Mw Anpara D thermal power project in Sonebhadra district.

GSK dedicates Albendazole facility for WHO programme As part of its CSR (Common Social Responsibility) activities, the pharma major GlaxoSmithKline (GSK) has dedicated its new Albendazole manufacturing unit in its existing Nashik facility to the World Health Organization`s (WHO) global programme to eliminate Lymphatic Filariasis (LF). This new facility in Nashik, which has been built with an investment of Rs 15 million, will manufacture 300 million tablets of Albendazole- an anti-parasitic drug. The technology for this plant was transferred from Cape Town and production was started in August 2009. The first consignment of 15 million albendazole tablets was supplied to WHO in December 2009. This year (in 2010), Nashik facility is expected to deliver 300 million tablets.

Elgi acquires French firm Elgi Equipments (EEL), Coimbatore-based manufacturer of industrial compressors, announced the acquisition of Belair SA - France, engaged in assembly, sales and service of industrial compressors, piping, fittings and accessories. The acquisition has been valued around ?700,000 (around Rs 43 million).

NMDC plans pipeline from Chhattisgarh to Vizag State-owned miner NMDC is planning to invest around Rs 24 billion to lay a pipeline between its Chhattisgarh plant and Visakhapatnam in Andhra Pradesh. Speaking to Business Standard, N Srinivasan, joint general manager - finance, NMDC, said the proposed pipeline would transport iron ore from Bailadila mine in Chhattisgarh to Vizag. The distance between Bailadila and Vizag is around 290 km.